By now, it’s likely that you have heard of Bitcoin. It’s the cryptocurrency that jumps up and down in price ever so randomly. It used to be almost worthless when it launched in 2009, but it’s now pegged at more than $6,000 as of today. To give you an idea how random this price can get, just last year Bitcoin almost exceeded $20,000 in value.
Today, there are more than 1,000 cryptocurrencies available on the open market, and more are being created as you read this. Crypto has been deemed as the future of money, which is perhaps why so many companies are latching onto it and even creating their own. At this point, nearly anything can be dealt in digital currencies.
The latest thing I’ve come across that utilises cryptocurrency is writing content.
The platform is called Steemit. The way I understand it is it’s a blog platform that uses blockchain technology to create and distribute content. To incentivise good writing, Steemit allows writers to earn through the platform’s own cryptocurrency called STEEM.
How much a post earns is based on upvotes, which also influences its rank in the Steemit feed. Each post on Steemit has a certain valuation that can increase as it receives more upvotes. It’s a mechanism much like how Reddit ranks posts. Here’s an example, which is my very first post in Steemit.
Notice the “$1.35” at the bottom. That is the post’s valuation – the higher it is, the more the author stands to earn from it. I wrote that article 3 days ago, and through the 49 upvotes it has gotten so far (as seen next to the dollar value), it is now worth $1.35.
Good quality content will have more upvotes, so it incentivises good writing. Also, as an author’s following increases, more people can upvote their posts, and the faster and higher the valuations will rise. In turn, the more the authors can earn.
The valuation isn’t as simple as it looks.
Due to certain mechanisms of Steemit that I am yet to fully understand, I will not be earning exactly $1.35 from the post. It will be a combination of STEEM tradable to real-world currency and influence points. The actual real-world dollar value will be less than that.
The influence points allow me to upvote other people’s posts, helping increase their valuation. The more of these influence points I have, the greater value I can give to other posts through upvoting. In other words, as I move up the ranks, I can help new Steem writers to climb the ladder themselves.
Steemit is a platform with great potential.
This is the first ever platform I’ve seen of this kind. It rewards writers for putting out good quality content without the traditional monetisation methods like advertising, affiliate marketing, or sponsorships. Though these are tried and tested ways to earn money from your website, it’s a lot more complicated now because of the very tight competition. Almost everyone who has a website monetises in these ways, so the earning potential may not be very high.
Contrasted with Steemit, which only has about 250,000 users, competition is lighter. Combined with the incentive-centric monetisation method, the earning potential on this platform is clearly greater than the usual methods of blogging.
I’m still testing the waters of Steemit, but so far my experience has been very positive. I did not have to pay anything to be a member, and with what has happened to my first post, I’m excited to write more. I’ve even put in a plugin on this site that allows publishing of my posts directly onto Steemit.